WASHINGTON - The United States and its allies will afford Iran with sanctions relief equivalent to US$7 billion (S$8.75 billion) under the terms of a six-month nuclear deal signed on Saturday, the White House said.
In a statement laying out its take on the agreement, the US administration said Iran would not face further sanctions within the six months if it abides by its side of the deal.
"In total, the approximately $7 billion in relief is a fraction of the costs that Iran will continue to incur during this first phase under the sanctions that will remain in place," it said.
"The vast majority of Iran's approximately $100 billion in foreign exchange holdings are inaccessible or restricted by sanctions," the White House statement added.
"In the next six months, Iran's crude oil sales cannot increase. Oil sanctions alone will result in approximately $30 billion in lost revenues to Iran," it said.
But the White House promised that Washington and its allies would "not impose new nuclear-related sanctions for six months, if Iran abides by its commitments under this deal, to the extent permissible within their political systems."
In particular, it explained, the sanctions relief would lessen the pressure on Iran's automotive and petrochemical sectors and on the trade in precious metals.